Dubai will establish “the world’s largest” logistics center for food trade as part of its efforts to diversify its economy and enhance investment prospects.
On Wednesday, an agreement was signed between Dubai Municipality and DP World to double the current size of the fruit and vegetable market.
Ports operator DP World will develop and manage the center, connecting it to global markets, according to the Dubai Media Office.
Additional details about the project have not been disclosed.
“This expansion and doubling of the current market area will support our economic agenda and create larger commercial and investment opportunities,” stated Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
Dubai’s strategic location and advanced infrastructure already attract major companies. The emirate is also striving to create “investment opportunities for global companies and youth, integrating them into developmental projects,” he added.
“Dubai aims to be a leading destination for markets, export, and re-export operations across various sectors, maximizing economic opportunities for investors in this field,” Sheikh Mohammed stated.
The latest initiative supports the Dubai Economic Agenda D33, which seeks to double the emirate’s economy to AED 32T ($8.7T) by 2033, making it one of the top three economic cities globally by 2033.
It also aims to increase foreign trade to AED 25.6T and expand Dubai’s global reach to 400 additional cities over the next decade.
The plan also aims to support 30 private companies to achieve unicorn status. A unicorn is a start-up valued at more than $1B.
Other business incubators will facilitate the growth of private companies, with 400 of the most promising identified.
The strategy also aims to position Dubai as a global digital economy leader, the fastest-growing and most attractive global business center, a hub for sustainability and economic diversification, and a talent incubator.
Last month, the Dubai Executive Council also approved the Foreign Direct Investment Development Programme aiming to attract AED 650B in investment by 2033.
The programme will allocate AED 25B over 10 years to support the objectives of the D33 economic agenda, according to the Dubai Media Office.
In February, Sheikh Mohammed announced that Dubai’s non-oil foreign trade reached AED 2T ahead of schedule, driven by ongoing economic growth.
“Due to its strategic location, Dubai has become a global market for food trade, especially fruits and vegetables,” said Sultan bin Sulayem, group chairman and chief executive of DP World.
“This sector is experiencing increasing growth in both local markets and exports, indicating immense opportunities that can be leveraged through strategic projects that Dubai continues to develop.”
